Prosocial Spending and Buying Time: Money as a Tool for Increasing Subjective Well-Being

Elizabeth  Dunn; A.V.  Whillans; Michael I. Norton; Lara B. Aknin

Article | Advances in Experimental Social Psychology

Prosocial Spending and Buying Time: Money as a Tool for Increasing Subjective Well-Being

by Elizabeth Dunn, A.V. Whillans, Michael I. Norton and Lara B. Aknin

Abstract

Researchers have long been interested in the relationship between income and happiness, but a newer wave of work suggests that how people use their money also matters. We discuss the three primary areas in which psychologists have explored the relationship between spending decisions and subjective well-being, beginning with a brief review of seminal research on the benefits of buying experiences. We then offer an in-depth review of two other domains in which changes in spending decisions have been shown to increase well-being: using money to benefit others (“prosocial spending”) and giving up money to have more time (“buying time”). We discuss how, when, and why prosocial spending and buying time promote happiness. In doing so, we critically consider the evidentiary value of past findings (particularly our own) and provide links to all of our available data as well as practical recommendations about how to replicate our findings (e.g., which measures and manipulations produce the most consistent results). Taken together, our studies on prosocial spending and buying time underscore the value of conceptualizing money not only as a stable life circumstance but also as a tool that individuals can intentionally utilize to alter their own happiness levels.

Keywords: wellbeing; Money; Spending; Decision Making; Happiness;

Format: Print

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Citation:

Dunn, Elizabeth, A.V. Whillans, Michael I. Norton, and Lara B. Aknin. "Prosocial Spending and Buying Time: Money as a Tool for Increasing Subjective Well-Being." Advances in Experimental Social Psychology 61 (2020).

Who benefits most from helping others? Previous research suggests that common polymorphisms of the oxytocin receptor gene (OXTR) predict whether people behave generously and experience increases in positive mood in response to socially-focused experiences in daily life. Building on these findings, we conducted an experiment with a large, ethnically homogenous sample (N=437) to examine whether individual differences in three frequently studied single nucleotide polymorphisms of OXTR (rs53576, rs2268498, rs2254298) also predict differences in the positive mood benefits of financial generosity. Consistent with past research, participants who were randomly assigned to purchase items for others (vs. themselves) reported greater positive affect. Contrary to predictions, using Bayesian statistics, we found conclusive evidence that the benefits of generosity were not moderated by individual differences in OXTR SNPs. The current work highlights the importance of publishing null results to build cumulative knowledge linking neurobiological factors to positive emotional experiences.

Article | American Journal of Preventive Medicine | August 2020

Volunteering and Subsequent Health and Well-Being in Older Adults: An Outcome-Wide Longitudinal Approach

Eric Kim, A.V. Whillans, Matt Lee, Ying Chen and Tyler VanderWeele

Background: Growing evidence documents strong associations between volunteering and favorable health and well-being outcomes. However, epidemiological studies have not evaluated whether changes in volunteering are associated with subsequent health and well-being outcomes.
Methods: Data were from 12,998 participants in the Health and Retirement Study—a large, diverse, prospective, and nationally representative cohort of U.S. adults age >50. Using multiple logistic-, linear-, and generalized linear regression models, we evaluated if changes in volunteering (between t0;2006/2008 and t1;2010/2012) were associated with 35 indicators of physical health, health behaviors, and psychosocial well-being (in t2;2014/2016). Models adjusted for sociodemographics, physical health, health behaviors, psychosocial factors, personality, as well as volunteering and all outcomes in the pre-baseline wave (t0;2006/2008). Results accounted for multiple testing and data were analyzed in 2019.
Results: Over the 4-year follow-up period, participants who volunteered ≥100 hours/year (versus 0 hours/year) had reduced risk of mortality and physical functioning limitations, higher physical activity, and better psychosocial outcomes (higher: positive affect, optimism, purpose in life and lower: depressive symptoms, hopelessness, loneliness, infrequent contact with friends). Importantly, volunteering was not associated with other physical health outcomes (diabetes, hypertension, stroke, cancer, heart disease, lung disease, arthritis, overweight/obesity, cognitive impairment, chronic pain), health behaviors (binge drinking, smoking, sleep problems), and psychosocial outcomes (life satisfaction, mastery, depression, negative affect, perceived constraints, living with spouse, contact with other family/children).
Conclusions: With further research, volunteering is an activity that physicians might suggest to their willing and able patients as a way of simultaneously enhancing health and society.

Keywords: volunteering; prosocial behavior; well-being; health; Behavior; Health; Welfare or Wellbeing;

Citation:

Kim, Eric, A.V. Whillans, Matt Lee, Ying Chen, and Tyler VanderWeele. "Volunteering and Subsequent Health and Well-Being in Older Adults: An Outcome-Wide Longitudinal Approach." American Journal of Preventive Medicine 59, no. 2 (August 2020): 176–186. View Details

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This article reveals a behavioral tendency that may contribute to the spread of the novel coronavirus (SARS-CoV-2). Across seven studies—including two representative samples of Americans and Canadians (N = 3,408)—we show that people consistently underestimate the risk of contracting the coronavirus from close others (i.e., friends) compared to other groups (e.g., colleagues or strangers). We reveal that informing people of their (unconscious) preference to believe that friends are less risky than strangers can effectively attenuate this behavioral tendency. Together, these results shed light on a critical area of intervention for promoting social distancing: people’s beliefs about the risk of contracting the coronavirus from their friends.

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Prosocial Spending and Buying Time: Money as a Tool for Increasing Subjective Well-Being

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